Do you know how to check your credit report?
When was the last time you checked it? If you answered yes and two months ago, bravo!
If you answered no and never, no worries, we are going to take care of that right now!
In order to check your credit report, you will have to deal with one of the three major credit bureaus in the U.S.: TransUnion, Experian, or Equifax.
There are other ways to get your report but that is usually after you have been denied credit for some reason and it’s best to be proactive about managing your credit, not reactive!
I’m just going to jump in right here and state my opinion on credit and the credit bureaus.
I believe people should feel free to use credit to get the things that they need and want.
I do not believe that people should be taken advantage of or forced to use credit if they do not want to use it.
HOWEVER,…
We live in a society where credit seems to be the norm. I can’t quite put my finger on it, but there is a collusion going on. I am not sure between whom, but there is definitely a collusion to keep people using credit and therefore, in debt.
Credit use does not have to be the norm for our society, but the credit “givers” like it that way. And I get it, the more people use credit the more money they make. And “the people” aren’t exempt from blame either, they want the credit too.
It just seems to me that our society is set up where you almost have to use credit today. I know I do not have the cash on hand to fund a college education or purchase a home outright. So I need to use credit.
But if a person wants to get out of the credit trap, there should be a way for them to become unentangled without being penalized. That’s all.
Whooooaaaa, that was a long jump down from that soapbox…but don’t worry, I’m safe–lol!!!!
So, let’s discuss the Big 3!
When you check your credit report, you will receive a report from one of these three credit bureaus: TransUnion, Experian, or Equifax. You are entitled to receive a free credit report once a year from EACH of the three bureaus.
You can either write each of the bureaus and ask for a copy of your report or you can go to www.annualcreditreport.com and get a copy of all three reports.
Or… you can write Equifax for a report in January, TransUnion for a report in May and Experian for a report in September and this way you will receive a separate report every four months. Now you can monitor your report all year long for free.
Now, when you go to the websites of each of the three bureaus, the first thing you will see is how you can pay for a report, your FICO score, and a monitoring service. You can stop there if you want, but I would suggest going to their contact page and writing to get your free report.
Got your report in hand? Okay, let’s check it!
A credit report has several parts. At the very top, you will find your personal information. You want to check this to make sure that it is all accurate and that your credit report is actually your credit report.
If you are a Jr. make sure that the report is for you and not for Sr., if you have a common name like Jane Smith, make sure the report is actually you and not another Jane Smith.
Make sure that your social security number, address, birthdate, telephone number, and the employer is all correct.
Next, you want to check the section that says Potentially Negative Items. If there are any potentially negative items, you want to make sure that they are actually your items.
If they are, you will need to either settle them or have them removed if they are already settled. If they are not your items, you will need to work to have the fraudulent items removed.
And this is as simple as contacting the credit bureau or the creditor and bringing their attention to the error. Experian even has an online dispute service that you can use to dispute items quickly.
Okay, moving on!!
The next thing to check are the accounts in good standing. Do the same thing as before, make sure they are all actually your accounts.
As long as the accounts are yours and they are in good standing, there is nothing else needed here.
The last thing to check is the credit inquiry section.
Check here to see who has been running credit checks on you and if you authorized them to do so.
Some salespeople can be very sneaky and run your credit report without your permission. If it is a “hard” inquiry, it can affect your credit score and you do not want this.
Okay, I think we are done. We have thoroughly covered how to check your credit report.
If you have any financial questions that you would like an answer to, please send me an email at gwen@gwendolynjuleus.com or contact me through any of my social media links!
Soon, I will be launching the ManageMoney. BuildWealth. podcast, a great resource that I think will help you “set things in order” in your financial life! Stay tuned!! Thanks so much!